law merchant

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Law Merchant

The system of rules and customs and usages generally recognized and adopted by traders as the law for the regulation of their commercial transactions and the resolution of their controversies.

The law merchant is codified in the Uniform Commercial Code (UCC), a body of law, which has been adopted by the states, that governs mercantile transactions.

law merchant

the international practice of merchants relating to commercial and maritime matters that has been judicially recognized and, as such, absorbed into the common laws of England and Scotland.